16Blockchain and Its Applications in Industry 4.0
Ajay Sudhir Bale1*, Tarun Praveen Purohit2, Muhammed Furqaan Hashim2 and Suyog Navale2
1Department of Electronics and Communication Engineering, New Horizon College of Engineering, Bengaluru, India
2School of Engineering and Technology, CMR University, Bengaluru, India
Abstract
Blockchain is one among the many advancements in emerging technologies brought to Industry 4.0. Blockchain can be used for both small-scale and large-scale industries to increase data transparency, security, and privacy. Industry 4.0, or the fourth industrial revolution, is a collection of cutting-edge manufacturing procedures that enable businesses to reach their goals and objectives more quickly. Several studies on Industry 4.0 technologies, such as the artificial intelligence (AI), Internet of Things (IoT), and blockchain have been done in recent years. These innovations open the doors to plenty of possibilities across the supply chain and production factories. Blockchain has grown in popularity and is now a widely recognized technology with the ability to transform industrial and supply chain settings. Various fields now offer intriguing insights on blockchain and its benefits. This chapter examines Blockchain’s background, its huge potential for Industry 4.0, as well as the various drivers, challenges, and capabilities of blockchain enhancing the experience of Industry 4.0.
Keywords: Blockchain, cryptocurrency, digital currency, Industry 4.0, future ...
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